German pension fund Bayerische Versorgungskammer (BVK) has bought the headquarters of online fashion retailer Zalando in Berlin from Hines.
Hines said it has sold the office complex, located in Berlin’s Mediaspree office submarket, to a real estate fund set up for BVK by Universal-Investment for an undisclosed sum.
The Zalando headquarters consists of two buildings with a total leasable area of around 42,000sqm spread over seven floors.
Hines said its Germany arm previously advised the seller of the property, a Luxembourg real estate investment fund, when it acquired the property in 2018, which was still under construction at the time. Hines Germany took over the asset management of the property on acquisition by the seller, which Hines will continue to be responsible for following BVK’s acquisition.
Kai-Magnus Schulte, managing director at Hines, said: “We are pleased that we have found a reputable buyer with Bayerische Versorgungskammer and continue to manage the property as an asset manager in the long term.”
Christoph Reschke, senior managing director at Hines, said: “Both Zalando and the Mediaspree location have greatly improved in recent years and this sale takes this positive development into account.
”We will continue to identify such attractive and promising projects, develop them further and thus create sustainable value for our investors.”
Felix Becker, deputy head of real estate investment DACH at Bayerische Versorgungskammer, said: “With the Zalando HQ in Berlin, we are making a very targeted investment in a property with outstanding building and location qualities in Berlin’s Mediaspree submarket.
”We are convinced that the property will be another key component of our sustainable real estate strategy. We look forward to a long-term collaboration with Hines Immobilien, who will continue to be responsible for managing the property.”
To read the digital edition of the latest IPE Real Assets magazine click here.